Olint's David Smith arrested in TCI, to be extradited to US next week
Published:Saturday | January 24, 2015 | 9:42 AM
Janet Silvera, Senior Gleaner Writer
Convicted fraudster, David Smith, has been arrested by Turks and Caicos police on a provisional warrant to be extradited to the United States to continue a prison sentence.
Smith, the former operator of the failed ponzi scheme, Olint, was arrested in Providenciales last evening, just over 24 hours after he was released from a Grand Turk prison, where has spent the past four years.
In 2010, Smith was sentenced to six years in a Grand Turk prison, however, he only spent four years because of good behaviour.
Sources say he is expected to be extradited to the United States sometime next week to serve his 30-year sentence, also on fraud conviction.
Smith is accused of fleecing thousands of investors in the ponzi scheme of more than US$220 million.
In 2011, he was extradited to the US where he pleaded guilty to 18 counts of money laundering, four counts of wire fraud and one count of conspiracy to commit money laundering.
At the time, the US court ordered that the prison term should run at the same time with the sentence in the TCI.
Smith was then sent back to the TCI to continue the sentence.
This means that Smith will only serve 24 years in an American prison.
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